Inflation rates have had a huge impact on almost all aspects of our daily lives -- from mortgage rates to the price of groceries.
While the U.S. inflation rate has hit a 40-year high after the pandemic, according to a 2022 Pew Research Center study, it has cooled down thanks in part to the Federal Reserve rate hikes. However, inflation rates differ drastically across the country.
With this in mind, WalletHub compared 23 major Metropolitan Statistical Areas (MSA) across key metrics. It turns out, according to the study, the cities with the biggest inflation problem are right here in the tri-state area.
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WATCH HEREThe Metropolitan Statistical Areas of New York-Newark-Jersey City, NY-NJ-PA ranked as the No. 1 MSA with the biggest inflation problems, according to WalletHub.
The overall WalletHub ranking was decided by taking into consideration two key metrics related to the Consumer Price Index, which measures inflation: Consumer Price Index Change (Latest month vs 2 months before) and Consumer Price Index Change (Latest month vs 1 year ago).
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SIGN UP To know more about the methodology used by WalletHub to determine the ranking, or to see the complete list, click here.
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